McKesson Corp., a healthcare services company, has finalized plans to acquire Moore Medical Corp. for $40 million, according to a McKesson statement.
Moore Medical is an Internet-enabled, multi-channel marketer and distributor of medical, surgical and pharmaceutical products to non-hospital providers in New Britain, CT. McKesson, based in San Francisco, distributes medical surgical supplies and pharmaceuticals to the alternate site marketplace.
Under the terms of the agreement, McKesson will pay $12 in cash for each outstanding share of Moore Medical, which is approximately $40 million in the aggregate. The transaction represents a premium of 54.4% over the average closing price for Moore Medical’s common stock for the 30 days ending Jan. 16.
The acquisition is expected to close in the second quarter of 2004.
“We look forward to capitalizing on Moore Medical’s strengths to further grow our medical supply and pharmaceutical business in the alternate site segment of the market,” said Paul Julian, president of McKesson Supply Solutions in a statement.
